Business Activity Statement

Business Activity Statement

The Business Activity Statement (BAS) is a form submitted to the Australian Taxation Office by all businesses to report their taxation obligations.

These include Pay as you Go Withholding (PAYGW), Pay as you Go Instalments (PAYGI), Fringe Benefits Tax (FBT), Wine Equalisation Tax (WET) and Luxury Car Tax (LCT). PAYGW is sometimes known as "Income Tax Withholding (ITW)," PAYGI is sometimes known as "Income Tax Instalments (ITI)". [cite web |url= |publisher=Australian Taxation Office |title=Activity Statements |accessdate=2007-07-25]

There are a variety of different BAS forms which an organisation can complete. The form which a business receives depends on what taxation liabilities an organisation has (these are referred to as "roles"). Statements are usually issued quarterly, some roles can be reported at different frequencies depending on business structure and income. Some roles such as GST can be reported annually, subject to eligibility criteria being met.

Although activity statements are usually submitted quarterly, some entities are required to report obligations on a more frequent basis. Some entities may be required to report PAYG Withholding liabilities or GST on a monthly basis. [cite web |url= | |title=GST |accessdate=2007-10-23]

Every activity statement carries a unique Document Identification Number (DIN). Activity statements can be submitted to the ATO on paper (mail), by phone, electronically (Electronic Lodgment System or "ELS") or through the business portal (via a Tax Agent). [cite web |url= |publisher=Australian Taxation Office |title=Activity statement lodgment methods |accessdate=2007-07-25]

Activity statements are processed by the Australian Taxation Office through its Operations sub-plan. Any errors which occur with activity statements are usually handled by a department known as Activity Statement Product (Exceptions {ASP(E)}). ASP(E) operates under the Operations Sub-plan, Client Account Services (CAS) Business Service Line (BSL). Errors may occur when a business client reports figures incorrectly, where a client includes cent figures (only dollar figures are allowable), where an arithmetic error occurs, when a statement is submitted when no roles are active for the client, or when the handwriting on a paper statement is illegible.

The Business Activity Statement was introduced in 2000 as a part of a major tax reform which also included the introduction of the Goods & Services Tax (GST). The various forms and reporting methods have changed considerably since the initial introduction of the BAS.

Methods of Preparation

The primary methods that businesses use to prepare and submit their Business Activity Statement include:
* Accountants
* Bookkeepers
* Tax Agents
* Tax Software
* The ATO website
* Manually, by themselves


Wikimedia Foundation. 2010.

Игры ⚽ Поможем написать реферат

Look at other dictionaries:

  • business activity statement — noun a statement which a business is required to submit to the government agency on a regular basis, containing an account of transactions and allowing the calculation of tax, especially GST, payable. Also, BAS …  

  • Business Activity Statement — a single form used to report business tax entitlements and obligations, including the amount of GST payable and your input tax credits. Glossary of Business Terms …   Financial and business terms

  • Business and Industry Review — ▪ 1999 Introduction Overview        Annual Average Rates of Growth of Manufacturing Output, 1980 97, Table Pattern of Output, 1994 97, Table Index Numbers of Production, Employment, and Productivity in Manufacturing Industries, Table (For Annual… …   Universalium

  • Business continuity planning — life cycle Business continuity planning (BCP) “identifies [an] organization s exposure to internal and external threats and synthesizes hard and soft assets to provide effective prevention and recovery for the organization, whilst maintaining… …   Wikipedia

  • Business marketing — is the practice of individuals, or organizations, including commercial businesses, governments and institutions, facilitating the sale of their products or services to other companies or organizations that in turn resell them, use them as… …   Wikipedia

  • Business process reengineering — (BPR) is a management approach aiming at improvements by means of elevating efficiency and effectiveness of the processes that exist within and across organizations. The key to BPR is for organizations to look at their business processes from a… …   Wikipedia

  • Business ethics — For the episode from the American television series The Office, see Business Ethics (The Office). Business ethics (also corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical… …   Wikipedia

  • Business cycle — Economics …   Wikipedia

  • business finance — Raising and managing of funds by business organizations. Such activities are usually the concern of senior managers, who must use financial forecasting to develop a long term plan for the firm. Shorter term budgets are then devised to meet the… …   Universalium

  • statement — Also receipt Euroclear Clearing and Settlement glossary A detailed summary of an account. Euroclear Clearing and Settlement glossary See deposit receipt, withdrawal receipt. Euroclear Clearing and Settlement glossary * * * statement state‧ment… …   Financial and business terms

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”